Berkeley Group cut at Morgan Stanley, valuation cited

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LONDON (MarketWatch) -- Morgan Stanley cut Berkeley Group Holdings
BKG, +0.19%
to equal weight from overweight, citing the shares' 67% rise in the past 12 months. The broker told clients that it expects the housing market to remain challenging as 2005 progresses. "While Berkeley has positioned itself for this, we don't see trading surprising on the upside with pricing still flat and uncertain demand slowing new development build," Morgan Stanley concluded.

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